There’s never been a lack of skepticism surrounding cryptocurrency. And it’s fair to say the jury still wavers at times. But with 2021 just a week old, the world’s most polarizing and misunderstood currency is making a good case for its staying power.
On Thursday, the cost of a single Bitcoin, probably the oldest virtual currency, topped $40,000 for the first time, according to Business Insider. The 12 % increase on the day pushed the total value of Bitcoin to more than $700 billion and all cryptocurrency to more than one trillion for the very first time.
Measured by market cap, the crypto asset class has virtually doubled over the past month as Bitcoin (BTC) broke out to new all time highs and Ether (ETH) cleared $1,100 for the first time in three years. Combined, both assets account for roughly two thirds of the overall market.
If the past year has proven anything, it’s that cryptocurrencies have a lot more long lasting power than the naysayers thought. And that a listing of the best cryptocurrencies to invest in is most certainly a worthwhile endeavor.
Cameron and Tyler Winklevoss, brothers who became famous for their legal battle with Mark Zuckerberg over the origins of Facebook, are also major holders of bitcoins. At the peak of the last bitcoin boom in 2017, the Winklevoss brothers had $1.3 billion in bitcoin, according to The New York Times. That same bitcoin hoard would be worth $2.6 billion today.
Typically, Bitcoin’s bull cycles pave the way for a subsequent altcoin rally, which is often larger than the initial BTC mark-up. Dubbed ‘altseason’ by the crypto community, the parabolic rise in Ethereum and other altcoins can happen quickly, leaving investors with little time to prepare. Many crypto observers are forecasting a bullish 2021 for Bitcoin and altcoins. They cite growing institutional demand for BTC, the ubiquity of crypto on-ramps and the natural ebb and flow of four-year market cycles for their optimism.